Hello all, I have a 2005 Prius with low mileage---66,000. My after market 7-yr/100,000 warranty will expire in one month. I have not had any problems with my car--only had to replace the 12V battery. My question is should I get the next extended warranty for 5 more years/100,000? I bought the current one just before my factory 3yr/36,000 one expired. I bought from Troy in MA at the suggestion of this forum. Troy has suggested Extended Warranty | Car Warranties | Auto Warranty | Used Car Coverage | Auto Repair | Vehicle Service Contracts | Warranty Direct A+ Rated By The BBB at this time. They have a 5-yr/100,000 warranty (additional to where I am now) for $1900 with a $100 deductible. I am reading both sides of the coin and can't decided whether to buy it or not. Do you have suggestions for any other extended warranties that are even more cost effective that this? Any help or suggestions will be much appreciated. Ideas on whether to purchase or not? Thanks, Carrie
How much did you use your previous warranties? Let's do some math. It appears you'll be paying $2000 for your first service (if covered by warranty). Do you really think your car will incur that much in service bills for the period of the warranty? Keep in mind that routine maintenance won't be covered. What might be more cost effective is to use that $2000 to perform regular routine maintenance. These cars are quite reliable when maintained as prescribed by the factory...
Does the warranty even cover the Hybrid Battery?...the one they tried to sell me at the dealership didn't.
At most you have a 1% chance of whopping bills in the next 100k miles well in excess of $2k. I suggest keeping the $2k, and if you are part of the unlucky 1%, use the money for a down payment on a new car. Odds are excellent that in 2020 you are still happily driving this car, and the money stays in your pocket or continues to offset debt you have. Do you carry a credit card balance ? If so at what APR ? I am not trying to pry, but I ask to show you an example of opportunity cost.
